My husband was forced into social security disability due to a serious illness. The medical bills are making my mortgage almost impossible to keep up on a monthly basis. Would it be better (long term) for me to file bankruptcy or allow my house to go into foreclosure?

Thank you for your help.

This is one of those questions, that just differes for each person, do you have a lot of other medical bills, credit card bills that are all late or not paid, Are there other payments not being made also ?

If so, often letting a house go back and then still owe money on it, will not help much.

Also after you are kicked out of this house, can you afford rent payments, is it just the price of the mortgage ?

This is one of those things that sitting down with an attorney and going over all of your debts can do best to tell you.

Credit Wise Is It Better To Foreclosure On A Home Vs Filing For Bankruptcy?

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Originally Posted by Debbie2469

My husband was forced into social security disability due to a serious illness. The medical bills are making my mortgage almost impossible to keep up on a monthly basis. Would it be better (long term) for me to file bankruptcy or allow my house to go into foreclosure?

Thank you for your help.

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If you are going to let the house go, I would consider filing bankruptcy ahead of the foreclosure. If you want to keep the house, and the payments you could try a CH 13 you could avoid the foreclosure and pay any late payments through the plan and reaffirm the house. But in a CH 7 you have to have payments current to keep home. If you need any more pointers feel free to ask.